Societe Generale, Savannah to resume operations soon

INDICATIONS are that Societe Generale Bank of Nigeria (SGB) and Savannah Bank Plc, whose operating licenses were revoked by the Central Bank of Nigeria (CBN), in 2005, due to their inability to meet the directive for banks to recapitalise to the tune of N25 billion, are set to resume operations as a regional banks, the Nigeria Deposit Insurance Corporation (NDIC), has said.

The Corporation’s Director, Insurance and Surveillance Mr. Zacheaus Anate, disclosed this at the just concluded workshop for Business Editors and Financial Correspondents Association of Nigeria (FICAN), in Dutse, capital of Jigawa.

According to Anate, SGBN has obtained a regional banking license for the take-off of the bank and has subsequently met the required N25 billion.

The bank is expected to furnish the apex bank with the identities and CVs of members of its board and the holdings in the bank.

It was reliably gathered that the International Energy Insurance (IEI) is now the majority stakeholder with 90 per cent stake in the new bank, while the Sarakis now own 10 per cent stake.

Savannah Bank Plc, whose license was also revoked by CBN, may reopen soon, as it was learnt that the bank is collaborating with the apex bank and the NDIC, to fast track its resumption of operations.